Which key elements are mainly evaluated to establish the economic lifespan of an asset?

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Duration of use, wear and tear, and technological obsolescenceGovernment tax policies and securities regulationsTax laws and frequency of asset utilizationRegulatory compliance and how often the asset is usedNone of the above

Explanation

The economic life of an asset is primarily influenced by the passage of time, the extent of its usage, and the degree to which it becomes outdated or obsolete. Factors such as tax laws or regulatory guidelines like SEBI do not directly determine an asset's economic life.